While figuring out the cost of a trip, travel insurance can seem like an added expense. So should you risk not getting travel insurance, save a few dollars and go overseas anyway?
Even though travel insurance is an option, it is important to consider everything that travel insurance can cover you for and what you might need cover for when you travel. In a survey by Fast Cover of over 1000 travellers, 31% chose not to get travel insurance. But 38% of people surveyed required assistance for one reason or another. Travel insurance can cover you for different things at different prices, so consider the following when looking for a policy.
Your flight could be cancelled
Traveller identified not taking travel insurance out early as one of the most common mistakes made by travellers. The reason is that once you get travel insurance, depending on the policy, you will immediately be covered for cancellation fees and lost deposits for travel arrangements such as accommodation. You can’t guarantee your travel plans won’t be cancelled due to sickness, accidents or even natural disasters. Travel insurance can cover you if this happens.
Medical Cover
Medical treatment can be a huge expense overseas, ranging from a few hundred to well into the thousands and hundreds of thousands of dollars. A day in a hospital in the United States can cost $1,500-$12,500 USD. Travel insurance can cover you for medical expenses and hospital expenses if you get sick or injured. The amount that you can be covered for can vary between different insurers. Some insurers provide an unlimited amount of cover for medical expenses, while others provide a capped amount. Consider what the cost would be if you needed to stay in hospital, have surgery, or need a medical evacuation. It might seem unlikely, but travellers do experience unexpected medical emergencies overseas.
If you have a pre-existing medical conditions like diabetes or high blood pressure, or you are pregnant, you need to check whether you are covered for related medical emergencies. If you aren’t, your travel insurance company will not compensate you for medical expenses relating to your condition.
Stop that thief!!
If your belongings are stolen while overseas, travel insurance can reimburse you for the cost of replacing those items, including the cost of replacing personal documents such as your passport. You can also get cover for individual items in some cases, or pay an additional premium to insure particular belongings. For example, some insurers might not provide cover for the full cost of your mobile phone. If you lose your phone or it is stolen, you won’t be able to claim a full reimbursement. See how much cover you are provided with and whether this is suitable for the items you are taking travelling.
Going to Court
It’s perhaps an unlikely scenario, but some travellers find themselves facing a lawsuit while overseas after unintentionally injuring someone or someone’s property. For example, if you accidently injure someone by unintentionally tripping them over, you may become involved in a legal matter. Your travel insurance can cover your legal fees and the payout you are liable for.
Cover for activities
Are you covered if you injure yourself falling off an elephant? What if you cut your hand on coral while scuba diving? With some travel insurance policies you won’t be. Make sure you are covered for the activities you plan on doing. Remember that most travel insurance companies won’t cover you if you’re taking part in an event with some level of danger. If you choose to run with the bulls in Spain, you might be on your own when it comes to paying a medical bill. Many insurers will also not cover you if you are drunk, as this is an unnecessary risk that can increase the likelihood of injury.
Festival of San Fermin – Running with the Bulls
Get Help Immediately
Fast Cover provides you with access to the Allianz Global Assistance team, which can be reached over the phone at anytime from anywhere. This team can guide you through an emergency situation and provide professional advice. Find out whether your insurer has a hotline that can help you when things go wrong.